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07 Feb 10 3 Marketing Matrix You Must Use for Your Small Business

There are several things that matters when you develop and execute the marketing plan for your business, but some matrix are more important than the rest. In this short blog post, I am going to talk about 3 marketing matrix that are very important. Those are:

  • PESTEL matrix (Political, Economical, Social, Technological, Environmental, and Legal)
  • SWOT matrix (Strength, Weakness, Opportunity, and Threat)
  • PLC (Product Life Cycle)

PESTEL

PESTEL matrix helps you understand the external environment in which your business is going to operate. It scans every factor that comes together to form the external environment. It tells you about political decisions and policies, economic factors like interest rates and taxes, social factors like new trend and social condition, new technology, environmental factors like weather condition and climate, and legal framework in which your business will breathe.

SWOT

SWOT stands for Strength, Weakness, Opportunity, and Threats. This matrix help you understand what is positive about your product, and what can cause its demise. This knowledge will help you a great deal in plotting your move on the strategy canvas. Your success and failure will depend a great deal on this.

PLC

PLC or Product Life Cycle is another important matrix. PLC divides the life cycle of a product into four categories: Introduction, Growth, Maturity, or Decline. It tells you about the stage of life cycle in which your product is. This knowledge will help you device a fitting strategy and tactics to cash in on the opportunity you are offered, or the threats you need to safeguard your products from. Different PLC stages require different measures. Pricing, promotion, placement, and marketing strategy for a product in the introduction stage will be different from a product in growth stage.

You should use all three matrices if you want to make informed decision pertaining to your business.

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05 Mar 09 Business Communication and Marketing Strategies for Success

Communication is defined in the dictionary as the passing on of information.  We define marketing as doing whatever it takes to build a relationship with customers that will be mutually rewarding.  The bottom line is that business communication and marketing strategies for success are about getting customers that find value in your service or product.  It’s just that simple!

There are many aspects to the marketing process.  Marketing is an art (or a science if you prefer).  Many people think that communication and marketing is advertising, but that is only one aspect of this activity.  Anything you do that passes on information is communicating with customers, or prospective customers.  Whatever you do that builds a relationship that is mutually rewarding to both your business and the customer, or prospective customers is what is to be called marketing.  By combining the two you have the best strategy for business success.

The small or medium business sector has both the potential, as well as the historic legacy to bring millions of people from the survivalist or lower level of income into the mainstream economy.  Insightful and educational information supports business owners with information on effective marketing, networking, resources and sound business principles.

Internet marketing has become big business around the globe.  Creating a website gives you access to literally millions of potential customers.  It promotes your business, and it educates your readers about the benefits of what you have to offer.  It gives prospective clients the opportunity to take immediate action.  However, one of the most important areas of good business communication and marketing is neglected when creating a website.  There is no plan of action to generate traffic to the site.  However, generating traffic is not the only criteria for a good marketing strategy.

It is important to find an Internet partner that can assist with the latest technology, information and advice.  They will supply practical marketing information and tools that will enable you to communicate in the best possible way.  In addition they will provide current and useful information about business growth and success.  Most companies provide a basic service and then you are left to find alternative avenues to educate yourself about the practical issues of running a successful business.  To avoid this situation, it is necessary to do proper research on the type of service that will best support your business venture and help you grow your business as quickly and effectively as possible.

For this reason it is of the utmost importance to partner with an organization that can give you all the information that you need to develop a suitable platform for your product or service.  What are some of the things that you can do to promote your website and generate traffic?  To obtain a good position within a search engine you need to establish a page rank.  This is the importance that search engines like Google and Yahoo places on your website.  The importance of your page rank or your site rank is determined by the number of other sites linked to your site.  However, the sites that are linked to you also need to have good page ranks.  If their ranking is poor it won’t be of much value to you.

Site material that provides an integrated strategy of sound business principles and practical information helps to accelerate the growth and development of your venture.  In this way you are able to make an informed decision about the service you require in a manner that will prove most cost efficient and provide the effective communication and marketing of your message to prospective internet customers.

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